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Top US advocacy group praises Piyush Goyal for the positive elements

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New Delhi: A leading American trading advocacy unit appreciated the interim budget declared by the interim finance minister Piyush Goyal, stating that many positive elements in it will aid the consumer spending and economic growth.

Reaching out to a large electorate before the Lok Sabha polls, the National Democratic Alliance (NDA) government announced a cash allowance of Rs 6000 crore for small farmers, a mega pension scheme for the unorganised sector and doubled the threshold income tax exemption limit to Rs 5 lakh.

Minister Goyal offered a series of incentives for both middle-class and farmers, whose disappointment have resulted in BJP’s dearly loss in recent assembly elections.

 

“We see many positive elements that will support consumer spending and economic growth, including a boost in defense and health spending as well as a renewed focus on digitisation of government processes as well as artificial intelligence,” US India Business Council (USIBC) president Nisha Desai Biswal said.

The creation of a single window for approvals in film production will bolster the media and entertainment industries as well as measures on anti-piracy, she added.
“USIBC applauds the interim budget released by the government,” she added.

However, the interim Budget comes after the disappointing moves made by the Union government to mandate a rushed implementation of changes in its eCommerce policy, she stated.

The Indian government’s failure to extend the February 1 deadline to comply with the foreign direct investment policy in e-commerce has already created disruptions in the industry and disadvantaged Indian consumers and suppliers, she said.

“The policy change adds unnecessary costs and burdens to e-commerce platforms and will inhibit growth in the e-commerce sector in India,” Ms Biswal said.

Karun Rishi, president of USA-India Chamber of Commerce (USICC) said the interim Budget was pro farmers and middle class.

Fiscal stimulus to small and marginal farmers and tax schemes for the middle class will lead to more disposable income. “This will result in increased consumption. It will likely boost the rural economy and surge domestic growth,” Mr Rishi said.

Even with these schemes, the finance minister has managed to keep the anticipated fiscal deficit at 3.4 per cent. The deficit is well within range. Finance Minister has succeeded in doing a fine balancing act, he said.

“With this budget, growth is likely to improve further and meeting 7.5 per cent real GDP target,” Mr Rishi said.

Noting that the 13 per cent increase in Department of Health and Family Welfare budget is laudable, he said this confirms Indian government’s dedication to Healthy India initiatives and its commitment to serve the poor and needy.

Threefold increase in allocation to Ayushman Bharat reinforces the commitment towards Universal Healthcare for all citizens, he said.

For the last 13 years, USAIC has been pitching for increased outlay on Science and Technology.

“Science and Technology are vital for the National progress. We are pleased to see largest ever allocation for the S&T. This will help India play a leading role in innovation. Plan to develop one hundred thousand digital villages in the next five years is laudable,” Mr Rishi added.


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Sensex jumps over 250 points, rupee rises 3 paise to 71.31 against US dollar

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Mumbai: The 30-share index was trading 269.24 points, or 0.76 per cent, at 35,621.85. Similarly, the 50-share NSE Nifty rose 74.40 points, or 0.70 per cent, to 10,678.75.

The Sensex had settled 145.83 points lower at 35,352.61 in the previous session, while the Nifty had fallen 36.60 points to 10,604.35.

Top gainers in the Sensex pack on Wednesday include ONGC, Vedanta, Yes Bank, Bajaj Finance, Axis Bank, Sun Pharma, L&T, Tata Steel, HDFC, Reliance and Bharti Airtel, rising up to 2.12 per cent.

 

On the other hand, HCL Tech, Hero MotoCorp, Bajaj Auto and M&M were the losers, falling up to 0.76 per cent.

According to traders, investor sentiment was positive on strong buying by domestic institutional investors (DIIs).

How India responded to Imran Khan’s ‘will retaliate’ speech on Pulwama

On a net basis, DIIs were net buyers to the tune of Rs 1,163.85 crore, while foreign institutional investors sold shares worth a net of Rs 813.76 crore on Tuesday, provisional data available with BSE showed.

Investors also took cues from other Asian equities that were trading positive on hopes of a resolution to US-China trade tiff.

US President Donald Trump Tuesday said that negotiations with China on a trade deal were going very well, but refrained from committing any extension of the March 1 deadline to arrive at such an understanding. Global markets are also eyeing minutes from the US Federal Reserve, scheduled for release later in the day, for clues on key interest rates, traders said.

Elsewhere in Asia, Hong Kong’s Hang Seng was up 0.50 per cent, Kospi jumped 1.17 per cent, and Japan’s Nikkei gained 0.70 per cent; while Shanghai Composite Index slipped 0.15 per cent in earlytrade.

On Wall Street, Dow Jones Industrial Average ended almost flat at 25,891.32 points on Tuesday. The benchmark Brent crude futures rose 0.08 per cent to USD 66.50 per barrel.

The rupee inched up 3 paise to 71.31 against the US dollar in early trade Wednesday even as foreign fund outflows continued amid firming oil prices.

At the Interbank Foreign Exchange (forex) market, the domestic unit opened strong at 71.29 but gave up the gains to trade at 71.31. The rupee had closed at 71.34 versus the greenback Monday. Money markets were closed Tuesday on account of Chhatrapati Shivaji Jayanti.

Foreign institutional investors (FIIs) remained in sell-off mode, offloading shares worth a net Rs 813.76 crore Tuesday, while domestic institutional investors (DIIs) bought equities to the tune of Rs 1,163.85 crore, provisional data showed.

Brent crude futures, the global oil benchmark, was trading 0.14 per cent higher at USD 66.54 per barrel.

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Reliance Group stocks under pressure; tank up to 10.3% on SC move

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New Delhi: Shares of Reliance Group companies tumbled up to 10.3 per cent Wednesday after the Supreme Court held RCom chairman Anil Ambani guilty of contempt of court for willfully violating its order and not paying Rs 550 crore dues to telecom equipment maker Ericsson.

Reliance Capital tumbled 10.26 per cent, Reliance Communications tanked 9.46 per cent, Reliance Infrastructure 8.75 per cent, Reliance Power 5.52 per cent and Reliance Home Finance 5 per cent on BSE.

The Supreme Court on Wednesday held RCom chairman Anil Ambani and two others guilty of contempt of court for violating its order by not paying dues of Rs 550 crore to Ericsson, and said they faced a three-month jail term if Rs 453 crore was not paid to Ericsson in four weeks.

 

The apex court said Ambani and the others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks.

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Sops for all in Gujarat’s Interim Budget, focus on fishermen, farmers

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Gandhinagar: After presenting a surplus budget of 12,241 crore in the Assembly, Deputy Chief Minister Nitin Patel said that perks announced for various communities in the Interim Budget were part of the existing schemes of the government. He also said that he decided not to increase tax because of the jump in the state’s “own tax income”that shot up by over 11 per cent in 2017-18.

“We have increased allowances provided for various schemes that are already operational… New schemes or items can also be introduced while presenting a full budget. Whatever we have done here — for instance, widow pension, allowances of aanganwadi workers — are all part of the current schemes,” Patel, who holds the Finance portfolio, told mediapersons after presenting the budget in the House.

Sops for all in Gujarat’s Interim Budget, focus on fishermen, farmers

 

Finance Department officials said that of the total provisions made in the Interim Budget of Rs 1,91,817 crore, the government plans to spend Rs 63,939 crore in the four months, between April and July, 2019.

“The House will be able to discuss the demand for the whole year when the modified budget will be presented,” Patel said, indicating that Assembly will hold a special session after the Lok Sabha elections.

With an eye on the Koli community votes, the BJP government increased the VAT (Value Added Tax) subsidy in diesel, used in fishing boats, by Rs 3. This is expected to benefit nearly 10,600 boatmen in the state.

The government also doubled the daily livelihood allowance — from Rs 150 to Rs 300 — provided to the families of fishermen held captive in jails of Pakistan. At present, there are about 503 Indian fishermen in Pakistani custody, as per the figures shared in Lok Sabha in February 2019. Most of them are from Gujarat. The government has also decided to allot an additional 5,000 hectares of land to encourage prawn culture in the state. This land is in addition to the 7,500 hectares and will generate employment of 25,000 aqua-culturalists, said Patel in his budget speech. The government also announced setting up new fish landing centres in Valsad which has a population of 23,000 fishermen.

Explained: Govt’s attempt to keep everyone happy ahead of Lok Sabha polls

While the government did not announce any farm-loan waiver as demanded by the Opposition Congress, it announced to set up a Rs 500 crore “revolving fund” to provide crop loans at zero percent interest to farmers in the state.

Patel, however, reiterated on the floor of the House that his government will waive of Rs 691 crore of outstanding dues of 6.74 lakh farmers, poor and medium class power consumers under a one-time waiver scheme.

“The state government has decided to waive of principal and interest and penalty amount of electricity bills of all eligible domestic power connections of BPL consumers of urban areas, all agricultural power connections, power connections of all residences of rural areas, commercial power connections of small traders of rural areas,” the Deputy CM said.

Talking about the vote on account presented by the state government, Patel said, “This year, the Union Government has presented a vote on account. Therefore it is befitting that the state’s economic approach is shaped in accordance with the policies of Union of India. We have accordingly decided to present and seek vote on account for the period of four months, ie up to July 31, 2019.”

Chief Minister Vijay Rupani termed the Interim Budget “progressive and sensitive”. “This vote-on-account has been prepared and presented keeping in mind the well-being of all sections of society, be it backward communities, tribals, Dalits, youth, women and minorities. This is a progressive and sensitive budget which takes care of even the last man in the last line,” Rupani said.

Listing the schemes, he said, “This vote-on-account reflects our sensitiveness, transparency, progressiveness and decisive approach. There is something for everyone in this,” the CM said.

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